LSL Property services has revealed its series of branch closures has had a negative impact on its estate agency division’s revenues.
For the 12-month period ending 31st December 2019, LSL reported that estate agency revenue was down by 16%, materially impacted by the “planned reduction in the size of the Your Move and Reeds Rains branch networks during Q1 2019”.
It added that excluding the impact of the closure of the Your Move and Reeds Rains branches, revenue was down 4%.
In addition to its London branches, it said whilst London market conditions “continued to be challenging during the year”, Marsh and Parsons delivered a “resilient revenue performance” over the 23-month period with total revenue down 3%. Residential exchange income was also down by 5% and lettings income declined by 2%.
Looking forward, LSL said: “Whilst it is too early in the year to give a view on the 2020 market outlook, the combination of increased political stability and a favourable LSL estate agency sales pipeline on 1 January 2020 compared to the LSL Board’s prior expectations provide a positive backdrop to the start of 2020.”